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Uptrend Remains Intact

USDCAD TECHS
  • RES 4: 1.4040 76.4% retracement of the 2020 - 2021 bear cycle
  • RES 3: 1.4016 3.382 proj of the Aug 25 - Sep 7 - 13 price swing
  • RES 2: 1.4000 Psychological round number
  • RES 1: 1.3977 High Oct 13
  • PRICE: 1.3751 @ 21:10 BST Oct 13
  • SUP 1: 1.3707 Low Oct 13
  • SUP 2: 1.3589/03 20-day EMA / Low Oct 4
  • SUP 3: 1.3358 Low Sep 21
  • SUP 4: 1.3337 50-day EMA

USDCAD traded higher Thursday before reversing the day’s gains. Despite the pullback, a bullish theme remains intact. The latest recovery from 1.3503, Oct 10 high, reinforces bullish conditions and this low represents a key short-term support. Moving average studies continue to highlight an uptrend. 1.3838, the Sep 30 high and key resistance has been cleared, strengthening bullish conditions. The focus is on the 1.4000 psychological handle.

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